Arconic Formalizes Split Into 2 Companies
By Metal Center News Staff
on Apr 1, 2020
Arconic Inc., Pittsburgh, has formally separated into two companies, Arconic Corp., and Howmet Aerospace. Both will exist as publicly traded companies.
Arconic will serve the aluminum sheet, plate, extruded and architectural products segments, focusing on the ground transportation, aerospace, industrial packaging and commercial business markets.
Arconic will be led by CEO Tim Myers, who had served as executive vice president and group president of the business segments that comprise the standalone company. In 2019, the businesses generated $7.3 billion in revenue.
Howmet will focus on advanced engineered solutions, with 70 percent of its business directed at the aerospace market. The new company will be led by co-CEOs John C. Plant, who will also serve as executive chairman of the board, and Tolga Oal, who previously served as president of Arconic Engineered Structures.